Why Google, Apple and FB don’t want to be banks…

Recent research has shown that banks spend more on IT than any other industry sector (See Deutsche Bank Research – IT in banks: What does it cost?). In fact, on average banks expend 7.3% of their budgets on technology, where other industries average half of that at 3.7%.

Bankers would defend these costs because of high compliance and regulatory costs, as well as legacy system support, security and fraud measures along with mission critical performance requirements.

Read more at Banking4Tomorrow

Why Google, Apple and FB don’t want to be banks…

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